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Union Finance Minister Nirmala Sitharaman has said innovation is going to be key factor in making India a developed nation by 2047, as she highlighted the immense potential of digitalisation in achieving this. Sitharaman also said that if the same momentum that was seen through COVID-19 and immediately after that continues, and if all countrymen put their efforts together, building India as a developed economy by 2047 should not be difficult.

She mentioned ‘Innovation is going to be the key for many things that we can do between now and 2047. It is because of the innovation, the solutions which we have for very many of the festering problems of this economy, we can achieve that desired developed economy status.’ Also highlighting the emphasis that is being laid on further digitalisation, whether into medical services, education and Software as a service (SaaS), she said there is immense potential to take it up further.

Noting that India went through the pandemic with of course sufferings, but succeeded in keeping itself steady and businesses came out of it, the Minister said, ‘We have lots more to do, I'm not saying that we have succeeded in achieving everything that we want, but we have come out.’